Ahmedabad-based renewable energy solutions provider Deon Energy has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise ₹1.5 billion (~$16.89 million) through an initial public offering (IPO).

The IPO will include a fresh issue of equity shares by promoters Dharmesh Ashokbhai Makadiya, Chiragbhai Dineshbhai Kalariya, Archanaben Kalariya, Bhargav Chaturbhai Kavar, Chaturbhai Harjibhai Kava, Khushbu Indravadan Patel, and Jalpa Bhargav Kavar. The shares will have a face value of ₹10 (~$0.11).

A significant portion of the funds raised, around ₹1 billion (~$11.26 million), will be allocated to fund the company’s long-term working capital requirements. The remaining capital will be utilized for general corporate purposes.

Smart Horizon Capital Advisors is the book running lead manager for the IPO.

The company has executed 78 solar engineering, procurement, and construction (EPC) projects with a cumulative capacity of 140.29 MW as of March 31, 2025. As of August 31, 2025, the company has ongoing orders for 34 solar EPC projects with a total capacity of 161.76 MW and 37 operation and maintenance projects with a total capacity of 103.09 MW.

A raft of other IPOs by clean energy companies is in the pipeline this year. Prominent among them is Emmvee Photovoltaic Power’s ₹30 billion (~$352 million) public issue, which received approval from SEBI in July. Earlier this month, Prozeal Green Energy’s ₹7 billion (~$79 million) public issue proposal also won SEBI’s nod.

According to Raj Prabhu, CEO of Mercom Capital, India saw 16 public issues by clean energy firms in the 12 months leading up to July this year, reflecting strong demand and an expression of confidence in India’s renewable energy story.  He, however, cautioned that the IPO route can also be risky in light of recent energy-related policy upheavals worldwide and trade disputes.